Wells Fargo recruits $400M team from Merrill

Wells Fargo recruits $400M team from Merrill
Robert Duncan, Bradley Newman and Zachary Breverman opened Duncan-Newman Associates in Agoura Hills, Calif.
JUL 20, 2016
A team of advisers overseeing $400 million in client assets left Merrill Lynch last month to open a practice with Wells Fargo Advisors Financial Network, the bank's independent brokerage arm. Robert Duncan, Bradley Newman, and Zachary Breverman opened Duncan-Newman Associates in Agoura Hills, Calif. In explaining his reason for leaving Merrill, Mr. Newman said Tuesday, “It mainly came down to wanting freedom to make decisions in the best interest of clients, and FiNet offered the opportunity to do that with thebacking of a big firm like Wells Fargo.” Merrill Lynch did not immediately comment on the move. Wells Fargo Advisors Financial Network picked up two other adviser teams earlier this summer. James Martin and Brad Seagraves left Morgan Stanley to open Martin Seagraves Wealth Management in Little Rock, Ark., bringing with them $101 million in client assets. Chris Jones and Dan Hoffe left JP Morgan to join Capstan Financial Consulting Group in Sarasota, Fla, bringing with them $280 million in new client assets to the firm.

Latest News

Raymond James, Osaic laud new bank partnerships
Raymond James, Osaic laud new bank partnerships

A Texas-based bank selects Raymond James for a $605 million program, while an OSJ with Osaic lures a storied institution in Ohio from LPL.

Bessent backpedals after blowback on 'privatizing Social Security' comments
Bessent backpedals after blowback on 'privatizing Social Security' comments

The Treasury Secretary's suggestion that Trump Savings Accounts could be used as a "backdoor" drew sharp criticisms from AARP and Democratic lawmakers.

Alternative investment winners and losers in wake of OBBBA
Alternative investment winners and losers in wake of OBBBA

Changes in legislation or additional laws historically have created opportunities for the alternative investment marketplace to expand.

Financial advisors often see clients seeking to retire early; Here's what they tell them
Financial advisors often see clients seeking to retire early; Here's what they tell them

Wealth managers highlight strategies for clients trying to retire before 65 without running out of money.

Robinhood beats Q2 profit estimates as business goes beyond YOLO trading
Robinhood beats Q2 profit estimates as business goes beyond YOLO trading

Shares of the online brokerage jumped as it reported a surge in trading, counting crypto transactions, though analysts remained largely unmoved.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.